Top 4 Reasons Why You Need Renter’s Insurance

More people are renting in the U.S. than ever before. According to the Statista Research Department, in 2021, there were approximately 45 million renter households. However, only 57% of renters have renter’s insurance, leaving more than half of renters at risk.

If you are one of the millions of people currently renting, consider these top 4 reasons for minimizing your personal risk with renter’s insurance.

#1 Your Landlord’s Coverage Does Not Protect You

A common misconception is the belief that the landlord’s policy will cover your losses as a renter. Your landlord’s policy covers only the physical structure of the rental property and will not protect you or your personal belongings. The landlord is responsible for fixing any structural damage caused by weather or a catastrophic event. For example, if a tornado were to strike your apartment, your landlord would rebuild the structure. However, the cost of replacing your personal belongings would likely fall on your shoulders without renter’s insurance coverage.

renting an apartment

#2 Protect Your Personal Possessions

In general, renter’s insurance covers what you own, and your possessions are likely worth more than you may think. The higher ticket items you may own, such as TVs, furniture, and computer equipment are included and can be replaced in case of a loss. Renter’s insurance is not only affordable, but its biggest value may be the peace of mind it provides when it comes to covering your personal belongings.

#3 Protect Your Guests

Liability coverage is included in standard renter’s insurance policies. When you invest in renter’s insurance, it doesn’t just protect your home and property–it will also protect you and any guests you may have. This provides protection if someone is injured while in your home or if you accidentally cause injury to another person.

house guest

#4 Prepare for the Unexpected

Sometimes the unexpected happens, and your renter’s insurance can help you manage the unknown. In the case that a named peril occurs such as vandalism, fire, wind, or lightning damage, and you can’t stay in your home because of a covered loss, you would be provided reimbursements for temporary housing and additional living expenses. Being prepared for the unexpected means never having to worry about where you will live should the worst happen.

Finding the Best Coverage for Your Needs

Life takes many twists and turns and having renter’s insurance can make dealing with a potential traumatic event much more bearable.

When you work with GWK Insurance, you can rest easy  knowing that we will help you navigate your options to determine the best coverage for you and your family.

Contact us today to help get the best coverage for your specific needs.